Australia's corporate regulator filed a civil lawsuit against Retail Employees Superannuation Trust, alleging the pension fund trustee made misleading representations that delayed or prevented some members from moving their funds and led to financial losses.
The Australian Securities and Investment Commission (ASIC) alleged that the representations were made orally and in writing by the fund between 2015 and 2018, and that it was seeking penalties against the firm.
The pension fund, which is more than 30 years old and manages about A$60 billion ($46.58 billion) for about 1.8 million Australian workers, said it was remediating members who may have experienced a delay in fund transfers.
"We are disappointed with ASIC's decision to launch proceedings about a matter that Rest reported to the regulator, and for which Rest is remediating affected members," the company said in a statement.
(Reporting by Nikhil Kurian Nainan and Shriya Ramakrishnan in Bengaluru and Paulina Duran in Sydney; Editing by Rashmi Aich and Anil D'Silva)
